Tucson, AZ - Union Pacific Railroad purchased 1.64 acres at the southwest corner of Kino Parkway and 22nd Street from The City of Tucson for $400,000 ($5.60 PSF). The Union Pacific train yard is nearby.
Ian Stuart, Ben Becker and Adam Becker of CBRE in Tucson represented the City in the transaction and has the marketing assignment for the two remaining development land parcels at the northeast and southeast corners of Kino Parkway Overpass and 22nd Street intersection.
The parcels, totaling a little under 8.5 acres, were acquired for the Kino Overpass project and will be surplus when the project is completed this year. The parcels are in the City of Tucson and are essentially flat. They will be delivered to the buyer(s) cleared and vacant on or before December 31, 2014.
The parcels will be adjacent to and visible from one of the busiest intersections in the City with traffic counts as follows:
| North Kino Pkwy | 33,000 vpd |
| East 22nd Street | 37,000 vpd |
| South Kino Pkwy | 37,000 vpd |
| West 22nd Street | 34,000 vpd |
| Source: PAG 2010 | |
Kino Parkway is the major North/South thoroughfare from Tucson International Airport to the downtown/university areas and 22nd Street - the major East/West thoroughfare on the Southside of the metropolitan area linking Interstates 10 (to LA) & 19 (to Mexico) with the east side of Tucson.
| Corner | Size | Zoning | Greater South Park Sub-Area | Appraised Value |
| North East | ±1.05 acres | R-2, C-1 & C-3 | 2 | $175,000 ($3.83 psf) |
| South East | ±7.42 acres | R-2, (fraction C-3) | 4 | $940,000 ($2.91 psf) |
Prospective buyers may offer to purchase one or both parcels. Each parcel has been appraised individually and the City would like to receive no less than the appraised value, though all offers will be considered. All offers submitted shall be cash only.
CBRE’s Ian Stuart, vice president, brokerage services said, “The citizens stand to benefit when these properties are returned to the tax rolls and developed to their highest and best use.”
“The City of Tucson Real Estate Program is excited to be working with the professional team at CBRE to assist in the sale of some of the City’s more prominent surplus parcels,” said Hector Martinez, Director of the City’s Real Estate Program. “The 22nd Street and Kino Boulevard parcels will be our first test at implementing an efficient, nation-wide marketing program that hopes to identify significant developers that can bring new development opportunities to Tucson.”
For additional information, go to www.cbre.com/tucsonland